TABLE OF CONTENT

INDEX TITLE PAGE NUMBERS

1 ACKNOWLEDGEMENT
2 EXECUTIVE SUMMARY
3 INTRODUCTION 1

4 FINANCIAL EVALUATION 2-6

i. Profitability Ratios
ii. Liquidity Ratios
iii. Debt Management
iv. Investors Return
5 RECOMMENDATION 7

6 APPRAISAL TECHNIQUES 8-10

i. Payback
ii. Net Present Value (NPV)
iii. Internal Rate of Return
iv. Accounting Rate of Return
7 Best Practice 11
8 REFERENCING 12-13

9 APPENDIX 14-19
 Acknowledgement
This assignment submitted in fulfilment of MBA Programme in Finance Analysis
Management is a great opportunity for learning and career advancement for me.

My grateful thanks to Mr. Sim, Finance Director despite of his immensely hectic
workload, provided me the essential information and extended his best support
providing me an insight into various issues pertaining to this assignment. His sincere
support and consistent guidance led to the completion of this assignment.

My humble gratitude and highly indebted to Dr. Harwinder Singh and Mr. Francis
Asirvatham for their mentorship and valuable suggestions that gave an entire new
dimensions to the assignment. Their guidance gave immense confidence and
encouragement that helped me to put in my best.

In this opportunity I would like to thank my brother Mr. Tioe who has helped and
encouraged me to complete the assignment smoothly.Last but not least, I am very
grateful to my parents and wife for providing me all sorts of cooperation,
encouragement and inspiration.
 Executive Summary
Almost all of the industrial enterprises whether they are into manufacturing, trading or
services sector need to conduct their yearly financial report which in simple called as
Annual Report. This report gives a clear understanding with what goes behind the
credit analysis of the proposal.

CCM is one of the large chemical companies in Malaysia that has a substantive
history since 1963 which CCM was incorporated and subsequently listed on the main
board Bursa Malaysia in year 1966. CCM not only deals in agricultural and
manufacturing sectors but also ventured into healthcare products with a vision to
enhance quality of life.

This report deals with the analysis and review of CCMs area of business and its
financial performance for 2 years: 2013 and 2014. It explains different types of
profitability ratios, liquidity ratios, current ratio, debt management ratios and investor
returns. It gives an insight of the calculation of ratios involved in determine the
outcome of the performance in comparison between the 2 years. Recommendations
with reasons are discussed in the report together with common issues related to the
financial risks and justification.

The most important part of this study includes analysis of the four main investment
appraisal techniques which is a main concern for an investor to evaluate the
techniques. These techniques explain the significance of the study of key financial
approaches and projected future performances. Finally the conclusion and advice as
per the analysis during the below discussion shall wind up the report.
1.0 Introduction

Chemical Company of Malaysia Berhad (CCM) is principally an investment holding

company with its subsidiaries and an associate company has divided its core business
mainly on pharmaceutical, fertilizer and chemical industry based on its latest annual
revenue of 29%, 45% and 26% respectively for year 2014.

1.1 Pharmaceutical

The pharmaceuticals market will remain steadfast and continue to grow after they had
recorded higher revenue in gross profit margin by increased of 15.7% in 2014 to RM
35.66 million from RM 30.83 million in 2013. The divisions revenue increased to
RM 320.38 million from RM 295.92 million in 2013 primarily attributed from its
ethical segments where they have improved its product pipeline and customer offering.
With the government allocation of RM 23 billion for healthcare sector, CCM has
collaborated with their overseas counterpart to produce and market their range of
product and also exploring the options of potential acquisition in ASEAN market.

1.2 Fertilizer

The fertilizers division is likely to remain unstable on an environment of a tough

plantation industry. It is reported a 29.5% decrease in revenue to RM 488.65 million
as compared to year 2013 of RM 692.95 million due to the reduced volume of
compound and fertilizers sold. However, this division continues to concentrate on cost
optimization in improving their profit margin. It is arguably that their focus is on the
dealer market because the plantation industry does not cut their usage although the
crude palm oil has decrease and lead to lower usage of fertilizers.

1.3 Chemical

Chemical division has also shown an improvement in gross profit of RM 18.94

million in 2014 which represent a 14.2% increased from RM 16.58 million in 2013
although recorded a lower revenue this year. The revenue for 2014 is RM 279 million,
a decrease of 6.8% from 2013. The divisions R&D primarily to develop newer
products to enhance competitiveness and market share due to CCM facing a strong
competition in the chemical market like Luxchem Group whereby recorded a 15%
increase in revenue for year 2014 and poses a serious threat for CCM in this division.

Source from http://www.thesundaily.my/news/1351251

Source fromhttp://www.thestar.com.my/Business/Business-News/2015/03/11/CCM-
to-take-writedown/?style=biz

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2.0 Financial Evaluation

2.1 Profitability Ratios

Table: Evaluation on CCMs FYE 2014 & 2013

CCM Group
Profitability Ratio
2014 2013
Gross Profit Margin (%) 18.69 16.20
Operating Profit Margin (%) (0.20) 3.50
Net Profit Margin (%) (3.20) 0.90
Operating ROI (%) (0.09) 2.40
Net ROI (%) (2.10) 0.60
Total Asset Utilisation (%) 0.66 0.70
Fixed Asset Utilisation (%) 1.20 1.39
Current Asset Utilisation (%) 1.49 1.39
Source: Companies Annual Report 2014

Gross Profit Margin guides us the earnings of a company generates on its cost of
sales or cost of goods sold. In contrast, it signifies how capably owner uses resources
and labour in the production process (Zain, 2008). In 2014 CCM has a greater gross
profit margin of 18.69% compared to year 2013 of 16.20%. This trend indicates that
CCM is in a upward trend in the gross profit margin rate due to the operating
expenses has been control.

Operating Profit Margin is used to contrast earning before interest and taxes to sales,
it explains how thriving CCM has been at making profit from the manoeuvre of
business. It indicates how much earning before interest and taxes is generated per
dollar of sales. CCM ratios indicated that -0.2% for 2014 and 3.5% for 2013 which
means in 2013, CCM has control their costs effectively or the sales are boosting
quicker than operating expenses as compared to year 2014.

Net Profit Margin is the ratio used to indicate the companys ability to generate net
profit after tax and considered as a ratio between net profit and sales. By looking at
CCM ratio for 2014 & 2013 the net profit margin for both years are below par, this
shown that operating and administrative costs are very high while sales and revenue
are comparatively low.

Operating Return of Investment is a percentage of return on the total capital

employed in the business. The benefit of this ratio is to measure operating
performance of the company, evaluate and control the capital expenditure and to
make profit planning. The table above indicated that CCM is doing better in year
2013 for 2.4% as compared to year 2014 at -0.09%.

Total Asset Utilization applied to evaluate CCMs capability to utilize its asset to
obtain revenue (Weygandt, Kieso, & Warfield, 2001). The elevated the ratio, the more
capably the business manages its assets. By comparing both year 2014 and 2013, year
2013 has more efficient to convert its asset to revenue than year 2014.

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Fixed Asset Utilization ratio is often used to measure how productive a corporation
to apply its fixed assets to make profits. Again, year 2013 recorded a more effective
ratio than year 2014 and a higher fixed asset ratio is eventually better.

2.2 Liquidity Ratios

CCM Group
Liquidity Ratio
2014 2013
Cash Ratio (%) 32.60 62.60
Account Receivable Ratio (%) 43.08 58.26
Quick Asset Ratio 0.76 1.21
Source: Companies Annual Report 2014

Liquidity ratios articulate a corporations capability to pay off short-term creditors

out of its total cash (Sangster & Wood, 2012). The liquidity ratio comprise ratios that
derived from the Balance Sheet and hence assess the liquidity of the company and
whether the companys capability to convene both its short term and long-term
commitments.

Cash Ratio is one of the methods to measure liquidity risk of the companys
capability to meet its obligations through a number of short-term cash. It evaluates the
capability of a business to pay off its current debts by only using its cash and cash
equivalent due to cash equivalent are assets which can be transformed into cash
speedily. In this comparison, a healthy cash ration shall normally be kept more than
30% and reviewing year 2014 which recorded at 32.6%, CCM shall not have any
difficulty to pay companys debt for the next 12 months. As for year 2013, CCMs
cash ratio is in a better position due to their ratio of 62.6% as its captured higher
solvency power over total current liabilities (Gapenski & Brigham, 1996), hence high
free cash flow will enable the company to settle debts or paying dividend.

Account Receivable Ratio generally is a component of current assets which involve

debtors and account receivable has direct influence on working capital position of the
business. In other words, mostly all businesses entity will extend its credit term to
their customer due to cash transaction are not ideal in this sector. In defining the data
above, CCMs debtors ratio for year 2014 marked as 43.08% and year 2013 marked
as 58.26% falls below the normal level of 70% as this ratio indicate the higher the
ratio the enhanced position it was. Elevated ratios indicate prompt and effective
collection whereas lower ratio indicates slow and inefficient collection leading to the
doubt that receivables might contain vital doubtful debt.

Quick Asset Ratio served as a significant metric of the organisations cash flow
position and is applied as a balancing ratio to the current ratio. It measures the
capability of a business entity to use its cash or quick assets to distance its current
liabilities. CCM has a good ratio for both year 2014 and 2013 due to the value of ratio
more than 1.0 indicate that years 2014 & 2013 have solid cash flow and certainly can
pay its liabilities for the subsequent twelve months as the quick assets are greater than
their exisitng liabilities. This also indicates that CCM have additional resources to
execute their future investment or expansion plan. On the other hand, a lower ratio
cannot be considered as terrible liquidity position because inventories cannot be
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classified as non-liquid. Hence we can conclude that CCM recorded a high liquidity
ratio cannot be regarded as having a reasonable liquidity position if CCM has sluggish
paying debtors.

Current Ratio

200
150
100 Current Ratio

50
0
2014 2013

Current Ratio
This ratio is indicative of short term financial position of a business enterprise. It
provides margin as well as it is measure of the business enterprise to pay-off the
current liabilities as they mature and its capacity to withstand sudden reverses by the
strength of its liquid position. From the comparison above, year 2014 has 114% in
current assets to cover its current liabilities and an excess of 176% in year 2013. This
shown that the current ratio for CCM has decreased of 62% from previous year and its
shown that CCM unable to turn the current assets to cash for debt payable within next
12 months. CCM must analyse their working capital requirements and the level of
risk they are willing to accept when determining the target current ratio.

2.3 Debt Management

Table: Evaluation on Debt Management Ratios

CCM Group
De bt Ratio
2014 2013
Gearing (%) 67.40 80.90
Asset Financing (%) 36.20 40.50
Interest Cover (time) (0.10) 1.70
Source: Companies Annual Report 2014

Gearing ratio is used to evaluate CCM capability to convene long term obligation
and its debt commitment. CCM have 80.9% of gearing ratio on 2013 but decreased to
67.4% in 2014. The ratio indicates that CCM has reduced its debt level by 13.5%
against its equity. Based on the information above, CCM has turned into a
conservative manner on its debt management. This will eventually boost CCM to a
better position during economic downturn which can reduce their risk and repay its
debt through cash flow without much constraint.

According to (Investopedia, 2014), Asset Financing is a leverage ratio which

examined CCMs total debt to total assets which defined lower leverage level is better
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for investment due to lower financial threat. In consideration of both years, CCM has
reduced their total debt of 4.3% to its total assets. This shown that CCM falls under
the category of REGULAR if the percentage falls between 35% to 65%. However, the
ratio can be used conversely or opposite manner. If the liability is more than the
organisations overall rate of return, the earning of investors will be lesser. As such, at
this point, CCMs liabilities has been reduced and stay put in a healthy position for
both year.

Interest Cover is also called times interest earned assess how effortlessly an
organisation can pay financial interest on its outstanding debt. Referring to
(Investopedia, 2014) indication of lower interest cover rate represent a higher debts
expenses burden to the company. CCM suffered a significant drop in their times
interest earned from year 2013 at 1.7 times to -0.1 times in year 2014. This clearly
stipulates that CCM does not generate sufficient revenue to pay its financial interest in
year 2014 due to the bare requirement of interest cover always capped at 1.5 times
and above. Hence when the risk is high, CCM unlikely to obtain more borrowing as
their percentage of default also relatively high.

2.4 Investor Returns

Table: Evaluation on Investor Returns

CCM Group
Investor Ratio
2014 2013
Return on Equity (%) (4.02) 1.24
Dividend Payout Ratio (%) (0.26) 15.36
Price/Earnings Multiple (time) (9.69) 750.00
Source: Companies Annual Report 2014

Return on Equity offers a measure of profit-generating effectiveness by evaluating

the total earnings of an organisation from generating assets. It offers a handy indicator
of financial accomplishment since it might indicate whether or not the company is
mounting profits without investing new equity assets into the industry. Having
compared the table above, it is clearly stated that for CCM in year 2013 recorded at
1.24 as compared to -4.02 for year 2014 which marked a decrease of 5.26% due to the
inefficient of profitability in year 2014. This indication shown that every RM 100
invested by the shareholders, it generate a loses of RM 5.26 in equity and preliminary
describing CCM not in generating sufficient profit for year 2014.

Dividend Payout Ratio is a parameter to evaluate the cash dividend paid out to the
shareholder. This ratio is a vital financial calculation used to assess the sustainability
of CCMs dividend disbursements. A lesser payout ratio is normally preferable
compared to a higher payout ratio, with a ratio more than 100% representing the
organisation is paying out in dividends than it generates in net earnings. From the
above table, we can conclude that CCM is paying a relatively low dividend in year
2014 despite their companys generating loses. Even for year 2013, CCM still
practicing a conservative approach by paying out 15.36% due to CCM classified as
cyclical sector classically have lesser payout since their sales vary considerably in line
with fiscal cycle. In nutshell, if CCM has free cash flow (Jensen, 1986), its best to

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declare the dividend payout to shareholder to prevent the fund being wasted on
unprofitable plan (Kaen, 2003)

In order for CCM to determine its share price to its per share earning, then
Price/Earnings Multiple (Ratio) is most frequently used formula. An organisation
with better P/E ratio means that the shareholders are paying more for each element of
earnings, indicating that the share is more high-priced compared to the one with lesser
P/E ratio. Shareholders emphasised at the P/E ratio as upcoming market expectations
of a companys growth projection in terms of profitability. If CCMs P/E ratio is on
the upper side when compared to its industry standards, its mean the market is
expecting some optimistic measures from CCM as far as earnings are concerned.
However, the table above shown that CCM has a tremendous drop in the P/E ratio
from year 2013 marked as 750 times to -9.69 times in year 2014 meaning that CCM
posed a huge decrease in profit for year 2014. This could be due to certain factor likes
high inflation rate, or the undervalue of stock. In consequence, P/E ratio have a
tendency of lesser during inflation time due to markets see earnings as artificially
twisted upwards.

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3.0 Recommendations

Chemical Company of Malaysia Berhad was not in a profitability and safe position
for year 2014. In order to endure and then grow, CCM in their main priority list is
must improved in every area of the company. The vital areas of improvement are the
cash flow of the organization, and the capacity and value of working capital,
profitability, and financial solidity. The Management needs to overcome these areas
concurrently if the organization is to fix its present modest record (Kaen, 2003)

It must be considered that this report is so limited to make a solid and firm
recommendation due to a greater profundity of understanding and evaluation can only
be done with utilisation of other means such as assessments of budget forecasts and
the statement of changes in financial position. Having assessed this process, the
investor can have a full understanding of CCMs current situation and feasible future
growth.

At this point CCM does not have solid upcoming prospects in the areas of
profitability, cash flow or solidity if it continues on its existing route. Investors should
be concerned with return of investment and creditors should be concerned with the
cash flow of the company as specified in the ratio evaluation. Hence, it can be
conclude that CCMs cost efficiency needs to be improved in order to sustain a
profitable revenue or growth rate.

Page 7
4.0 Investment Appraisal Techniques

i. Payback

Payback period is the time it takes to recover its initial investment in a project when
net cash flow equals zero. It regarded as the simplest investment appraisal techniques
(Remer & Nieto, 1995). Payback is the period of time for the incoming of cash to
match the original cost of investment. Generally, organisation will set a period over
which it is ascertained that the recovering of investment should be accomplished.

The advantages of the payback technique consist of:-

a) Payback favours plans that recover an investment as soon as possible
(Damodaran, 2001). It clearly stated that it determine the aspect of risk that is
link to the time frame.
b) Payback time would be handy for an organisation that wants to recover their
investment quickly for reinvest or where cash flow is a crucial concern.
c) Payback method makes it so easy to calculate (Sangster A. , 1993).

In contrast, there is also some disadvantages in this method as below:-

a) the method disregards the time value of money;
b) it also disregards inflation, because it does not take into account cash flow
after the payback period hence it cannot evaluate the entire project;
c) during the payback period, it cannot determine the timing and size of liquidity
d) it cannot maximise investors capital (Remer & Nieto, 1995)

As intermittently mentioned above, the decision rule for the payback technique is that
if the project is well able to pay the initial investment capital during the set period of
time, it must be accepted. However, if it cannot, then it must be rejected.

ii. Net Present Value

The Net Present Value is based on the time value of money and the idea that money
has value over time (Steven, 2008). Investments have two vital elements; the first is
that they often involve assets whose value depreciates eventually and the return on the
asset must be adequate to repay the original investments and at the same time provide
a good yield that meets investors expectations. The second element is that investment
projects are generally long-term which may range from 1-30 years. So this element
requires that the issue of time value of money is factored in the investment assessment.
It is the discounted cash flow method that considers the issue of time value of money
in the investment project.

The theory of time value of money demonstrates that money has value over time
(Sangster A. , 1993). This implies that an investor prefer to get the return of
investment today instead of a year later. There are two basic reasons to that, firstly,
the cash obtained today has more worth than the cash obtained in the future (Remer
and Nieto, 1995). This implies that if cash is obtained today, it may be reinvested and
yield more profit than if it were received later in the future.

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Secondly, NPV involves risks and projection of future uncertainty, therefore the
higher risk and doubtful return of our investment will be affected if it takes longer
time to receive on our investment (Damodaran, 2001). The passage of time means that
conditions change which may make it difficult or impossible to receive the money as
expected.

Theoretically the NPV method of investment appraisal is greater among the other
methods (Moore & Reichert, 1983). Its advantages include:
a) it takes into account of the time value of money;
b) it is a complete measure of return;
c) it is based on liquidity not profits;
d) ought to lead the maximisation of investor wealth.

The con about this method is its too complex and it involved the knowledge of capital
cost (Damodaran, 2001)

iii. Internal Rate of Return

By comparion to Net Present Value (NPV), Internal Rate of Return (IRR) is the
second method to NPV (Damodaran, 2001). This method defined as the correct
interest yield undertaken by an investment greater than its methodology. It can be
calculated by looking the discount rate that will equal the current value of the
investment of the plan to nil (Remer and Nieto (1995). In other words, this method
comprised the discount rate which causes the NPV of an investment to be breakeven.
For the purpose of computation, it includes two moves:
i) calculating the rate which is expected for the project,
ii) comparing the rate of return with the cost of capital.

One of the advantages of IRR is finance managers discover the IRR easier to envisage
and understand than they analyse the NPV method (Porter, 1980). Management
prefer the return appraise as opposed to the complete NPV outline. So long as the
organisation is not facing with much mutually exclusive investment, this method can
be used in peace of mind.

In short, the pros of the IRR are:-

a) it takes into account of time value of money;
b) it based on percentage and hence simple to understand;
c) it used cash flows not profits;
d) considering the life cycle of the investment and returns, its best to select the
IRR exceeds the cost of capital to boost investors' wealth (Steven, 2008).

The drawbacks for IRR come from the method flaw to accurately position mutually
exclusive investment plans in circumstances like Net Present Value outline (Dulman,
1989). With its method, the inferred re-investment rate shall vary based on the
flowing of liquidity for every investment plan under contemplation.

Through this present value method, the implied re-investment rate is similar to the
required rate of return for every investment. It is not a complete profitability
measurement; hence the calculation is rather complicated. Non-conventional cash

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flows may give rise to multiple IRRs which mean the interpolation method cannot be
used (Dixit & Pindyck, 1994).

iv. Accounting Rate of Return

Accounting Rate of Return is the sum of money or return, that an investor can
anticipate based on the investment (Thirlwall, 1989). It separates the regular profit by
the early investment with the aim of getting the return that expected early. By using
this method, an investor can evaluate the profit potential for ventures and investments.

ARR is regarded as a straight forward method of collecting quantitative information.

However, this method consists of positive measure in certain parts but its lack of
complexity is also a negative aspect. ARR did not appreciate the time value of money,
hence make it the returns worth lesser if taken later as compared to present value and
does not take into account liquidity, which can be an essential component of
sustaining a business.

Some of the advantages are quite similar to payback period whereby this method is
simple to calculate, and it distinguishes the profitability aspect of investment (Brealey
& Myers, 1998).

Apart from that, ARR has its disadvantages which are ARR disregards time value of
money. Example, if apply ARR to contrast two ventures having the same initial
investments for instances the venture which has high annual income in the final years
of its valuable life may position higher than the one having high annual income in the
beginning years, although the current value of the earnings generated by the final
venture is higher. Hence the calculation can be in different manner and it created a
predicament of consistency (Sangster A. , 1993). Consequently it is inappropriate for
investment which comprising substantial sum of maintenance costs because their
feasibility also depends on the liquidity timing.

The conclusion for ARR can be defined in a simple way; that agree to an investment
if its is equivalent to or higher than the requisite accounting rate of return or
alternatively accept the one with greater ARR if is equally exclusive venture (Scarlett,
2009)

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5.0 Best Practice

By examining the 4 appraisal techniques, the best practice in my opinion is the

appraisal of payback method because of easy and simple to predict expected returns to
attain the present value of payoffs (Chittenden, 2005)

Numerous companies prefer the payback (PB) method of investment appraisal, which
decides the duration of time it obtains to gain their first investment, where the
discounted cash flow techniques, which engage estimating all the cash flows, generate
over the life of a capital investment plan and discounting these back to present day
using a suitable interest rate accustomed for risk. The main grounds for the
preference for PB is that shorter payback plan are measured to be more attractive than
longer term investments, even if these would be prospective gain more profit or
returns. However, this approach has improved the investment conditions and favour a
fast returns whereby it uses cash flow instead of accounting profit calculation.

Besides that, certain multinational companies use a combination of appraisal methods

in particular to certain useful situation, as all methods have its own profound
understanding of the offered investment. For instances, an organisation may include
analysis of net present value, which involves analysing the net value of discounted
cash inflows after deducting the cost of the initial capital investment, an internal rate
of return, which highlights to the discount rate at which future cash inflows become
the same to the cost of the capital investment.

Combing discounted cash flow techniques with PB to evaluate payoffs further than a
payback time limit offers a simple, notwithstanding crude, option to complex peril
modelling. In addition, using circumstances and prompt analyses helps to build upper
and lower confidence levels to facilitate investor to make judgments about the
robustness of theory supporting an investment proposal.

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Referencing

Bibliography

Brealey, R. & Myers, S. (1998). Principles of Corporate Finance (5th Edition).

London: McGraw-Hill

CCM, A.R., 2014. Annual Report 2014, s.l.: CCM

Chittenden, F. (2005). Options for Investment Appraisal. Finance Times

Damodaran, A. (2001). Corporate Finance: Theory and Practice, (2 nd Edition). New

York: John Wiley & Sons

Dixit, A. & Pindyck, R. (1994). Investment under Uncertainty. New Jersey: Princeton
University Press

Dulman, S. (1989). The development of discounted cash flow techniques in US

industry.Business History Review

Gapenski, L.C., & Brigham E. F. (1996). Intermediate Financial Management. New

York: The Dryden Press

Investopedia, 2014. www.investopedia.com [online]

Isabelle, L. (2015). http://www.thestar.com.my/Business/Business-

News/2015/03/11/CCM-to-take-writedown/?style=biz [online] CCM to take
writedown

Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance and
Takeovers. American Economic Review, 323-330

Kaen, F.R. (2003). A Blueprint for Corporate Governance. New York: American
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Lee, W. K., (2015). http://www.thesundaily.my/news/1351251[online] CCM: Health

Growth for Pharmaceuticals

Moore, J. & A. Reichert (1983). An analysis of the financial management techniques

currently employed by large U.S. corporations. Journal of Business Finance &
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Porter, M. (1980). Competitive Strategy: Techniques for Analysing Industries and

Competitors New York: Free Press

Remer, D. & A. Nieto (1995). A compendium and comparison of 25 project

evaluation techniques. Part 1: Net present value and rate of return methods.
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Remer, D. & A. Nieto (1995). A compendium and comparison of 25 project
evaluation techniques. Part 2: Ratio, payback and accounting methods. International
Journal of Production Economics 42: 101-129

Sangster, A. (1993). Capital Investment appraisal techniques: a survey of current

usage. Journal of Business Finance & Accounting 20: 307-332

Sangster, A. & Wood, F. (2012) Business Accounting UK GAAP Vol. 1. Financial

Times/Prentice Hall

Steven, G. (2008). Management Accounting Decision Management. Financial

Management Journal. Hirsch & Co.

Scarlett, B. (2009). The Official CIMA Learning System Performance Operations.

CIMA Publishing

Thirlwall, A.P. (1989). Growth and development with special reference to Developing
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Weygandt, J., Kieso, D. & Warfield, T. (2001). Intermediate Accouting total asset
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Zain, M. (2008). How to use Profitability Ratios: Different Types of Calculations that
Determine a Firms Profits. Journal of Profitability ratio analysis

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Appendix

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